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Posted by: Gary M. Sigman, CPA, MTax, PFS, AEP® Here's the dilemma. You have a traditional 401(k) that contains both after-tax and pre-tax dollars. You'd like to receive a distribution from the plan, convert only the after-tax dollars to a Roth IRA, and roll the...
Posted by: Colleen Kaminsky, CPA Both employees and self-employed business owners are very familiar with the Medicare tax. They certainly should be, since it has been in effect since 1966. Congress modified the tax in 1986, imposing a 1.45% Medicare tax rate on wages,...
Posted by: DeAnna Alger Applying to obtain tax-exempt status from the federal government can be a lengthy and difficult process. Once the IRS approves an organization’s application and grants a tax-exempt status, the organization may then find it challenging to...
Do you rent property to others? If so, you’ll want to read the following seven tips from the IRS about rental income and expenses.You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the...
The IRS has officially announced starting January 1, 2011 they will no longer accept federal tax deposits using the paper coupon booklets, also known as 8109 coupons. They will require all deposits be made using the EFTPS system which must be done online. Federal tax...
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